⭐ XAUUSD: Gold price of the week!

Federal Reserve officials have turned cautious, led by Boston and San Francisco Fed Presidents Susan Collins and Mary Daly, emphasizing that although inflation is cooling and further interest rate hikes are needed, the Fed must patient. Fed Governor Michelle Bowman commented that further interest rate increases are needed to control inflation.

Weekend flows are likely to continue, influencing US Dollar valuations, which in turn affects Gold price action.

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Gold price recovers some ground after hitting a weekly low of $1913.99, though it remains shy of breaking solid resistance at around the 50-day moving average (DMA) at $1929.79. Factors like dropping US T-bond yields and an upbeat market sentiment drive XAU/USD’s price toward the current spot at $1924.56, achieving gains of 0.25%.

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